Published Date : May 14, 2018
Albany, New York, May 14, 2018: The global market for automotive lubricants aftermarket is expected to progressively expand over the coming years on account of the expansive automotive industry. A report added by Market Research Reports (MRR) reveals several factors that have contributed to the growth of the global market for automotive lubricants aftermarket. The report is titled ‘Automotive Lubricants Aftermarket Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2026’. There is no contention about the fact that the automotive sector has time and again introduced advanced technologies and new models of vehicles. Lubricants are oil-based liquids used to fine-tune cars or auto-parts, and successively enhance their performance. The properties of lubricants are extremely useful for enhancing the performance and increasing the lifespan of vehicles. It is safe to estimate that the global market for automotive lubricants aftermarket would witness a tremendous surge in demand over the coming years. This owes to a number of factors including better knowledge of people about automotive parts, development of more effective lubricants, and inclination of the people towards DIY. The base oil used in lubricants is derived from crude oil, and hence, the manufacturing of lubricants depends on the supply of crude oil. An important function performed by lubricants is the elimination of residual deposits from mechanical parts.
The number of people who own cars has increased exponentially over the past decade, which has directly influenced demand within the global market for automotive lubricant aftermarket. Furthermore, the automotive industry has started providing customized services for different cars which calls for a regular supply of lubricants of various types. It can be projected that the global market for automotive lubricants aftermarket would witness an inflow of demand from manufacturers, car owners, and service stations. The owners of cars have become increasingly concerned about enhancing the performance of their vehicles to have better driving experiences. This has also created demand within the global market and has fortified the position of the manufacturers of automotive lubricants. Advanced forms of lubricants are helpful in containing the emission from engines, thus, contributing to the protection of the environment. This is an important pretext that is also expected to enhance the growth prospects of the global market for automotive lubricants aftermarket.
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The emerging economies in Asia Pacific viz. India and China have witnessed a striking rise in the number of people who own cars. This is expected to drive demand within the Asia Pacific market and create growth opportunities for manufacturers of lubricants in the region. Other regional segments including North America, the Middle East and Africa (MEA), Europe, and Latin America are also expected to perform well in terms of market demand.
Some of the key players mentioned in the report on the global market for automotive lubricants aftermarket include Evonik Industries AG, Huntsman International, PPG Industries, Inc., and Arkema Group.
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